politicalbetting.com » Blog Archive » The Bullingdon boys go into battle and it ain’t going to be pretty
We’ve always known that Dave is at his best when his back is to the wall and that’s how it must have seen this morning with the massive media coverage of the decision by Boris to back LEAVE.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
After the GE there was a survey of people that didn't vote asking who they would have voted for if they had got off the sofa, about a quarter of those people said they didn't know, this suggests there is a "terminally uninterested in politics" segment of about 12-15% of the population. I wouldn't think that 17% of DK that ICM has had for months is going to vote for either side, it is the "nailed to the sofa" vote.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Quite.
And if the European Parliament eviscerates the deal it will all have been for nothing. Dave and Boris both holed below the water line, and a worthless (well, more worthless) agreement and the vote already held. Ugh.
The country will have already voted to Remain, just as Scotland may have an SNP government but isn't independent. What is the next step?
Unlike Scotland, the UK parliament is sovereign, and with only minor ingenuity the new leader will find a pretext to call the last referendum a sham and either call a new one, or just announce that we will be leaving, depending on his mandate and support at the time.
You have a touching faith that the deal won't unravel or be struck down within the next year and make the whole thing academic.
I can't imagine any leave-supporting PM being elected who would take us out after voting to remain without a referendum. We'd surely need an out vote to leave.
So call a new one it is, but the country doesn't like being told they got a vote wrong. So there'd need to be grounds for a new vote, it would be interesting to see what they are.
Ironically the best way for the deal not to unravel might be for a sceptic to become PM. If lets say we object under the new procedure and a review begins the sceptic Prime Minister could say that if the review isn't met to our satisfaction then clearly the system we voted for hasn't worked and he'll call a new vote campaigning for Leave ... so to avoid that the EU would likely meet our concerns on that issue to avoid it being an issue.
Charles mentioned that under Cameron's deal, we would no longer be able to sue before the ECJ against ECB power grabs (eg over clearing). If we are all subject to the same rules, wouldn't it make such power grabs more difficult as it would amount to discrimination?
Sorry to repeat myself, just trying to get my head around the regulatory side.
the review by the Court of the validity of any Community measure in the light of fundamental rights must be considered to be the expression, in a community based on the rule of law, of a constitutional guarantee stemming from the EC Treaty as an autonomous legal system which is not to be prejudiced by an international agreement
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Bruised and battered Tories, meet Jeremy Corbyn. Jeremy is the best friend you will ever have ...
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
It is always open to the UK to not implement laws and directives it does not like. Then it is up to others to take the UK to the ECJ. That will take a long, long time.
Why was everyone getting so excited on the last thread about that clip?
It seems like Cameron gave a good answer to an average question by Boris. Clearly Cameron had the advantage of the dispatch box and used it well, but he hardly declared war on Boris.
Unfortunately I believe England will chicken out big time and REMAIN. Too many cowardy custards worried they might lose a fiver. The Great has gone from Britain forever , just followers nowadays.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Bruised and battered Tories, meet Jeremy Corbyn. Jeremy is the best friend you will ever have ...
It's precisely because the Conservatives don't fear Jeremy Corbyn that they feel able to behave so badly to each other. The divisions in each main party are encouraging members of the other main party to become more internally confrontational.
Charles mentioned that under Cameron's deal, we would no longer be able to sue before the ECJ against ECB power grabs (eg over clearing). If we are all subject to the same rules, wouldn't it make such power grabs more difficult as it would amount to discrimination?
Sorry to repeat myself, just trying to get my head around the regulatory side.
As I understand it (as a non-lawyer and non-banker), the ECB would make a power grab by changing some regulation which would have the same legal effect on everyone, but rather little actual effect on most because it applied to markets they didn't operate in to any significant degree. Since everyone had the same rule, it would not be discrimination.
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
Unfortunately I believe England will chicken out big time and REMAIN. Too many cowardy custards worried they might lose a fiver. The Great has gone from Britain forever , just followers nowadays.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Even if it were in Cameron's nature to go softly with his opponents, which it isn't, he couldn't do it. Boris has directly challenged him. He has to hit back so that others don't see him as an easy target.
Charles mentioned that under Cameron's deal, we would no longer be able to sue before the ECJ against ECB power grabs (eg over clearing). If we are all subject to the same rules, wouldn't it make such power grabs more difficult as it would amount to discrimination?
Sorry to repeat myself, just trying to get my head around the regulatory side.
It won't be discrimination because the same rule book applies to everyone.
Previously on clearing - sorry to come back to this - it was discrimination because there were different rules for Euro and non-Euro countries, and the Eurozone came up with a rule saying "all Euro-denominated clearing must be in a Eurozone country". So we sued and won.
Now they can come up with a single rule, applicable to everyone, saying that "All Euro-denominated clearing must be in a Eurozone country". We protest about it, there is a period of time during which the Commission tries to reach a consensus, then there is a vote and the rule is implemented
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
Boris asks what powers come back. Cameron says vaguely some welfare, some bailout, some immigration (nonsense) and then goes on to say the deal means we won't cede any more.
I don't think he answered Boris's question, and instead answered a different one. Yes, he did so lucidly, but it wasn't a knock out.
Charles mentioned that under Cameron's deal, we would no longer be able to sue before the ECJ against ECB power grabs (eg over clearing). If we are all subject to the same rules, wouldn't it make such power grabs more difficult as it would amount to discrimination?
Sorry to repeat myself, just trying to get my head around the regulatory side.
It won't be discrimination because the same rule book applies to everyone.
Previously on clearing - sorry to come back to this - it was discrimination because there were different rules for Euro and non-Euro countries, and the Eurozone came up with a rule saying "all Euro-denominated clearing must be in a Eurozone country". So we sued and won.
Now they can come up with a single rule, applicable to everyone, saying that "All Euro-denominated clearing must be in a Eurozone country". We protest about it, there is a period of time during which the Commission tries to reach a consensus, then there is a vote and the rule is implemented
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
Hilariously, we now have two posters - one saying that we have always had to follow the single rule book, another that we absolutely do not have to follow it after the agreement.
Why was everyone getting so excited on the last thread about that clip?
It seems like Cameron gave a good answer to an average question by Boris. Clearly Cameron had the advantage of the dispatch box and used it well, but he hardly declared war on Boris.
Indeed, from the clip above, it was a good performance by Cameron - Boris gave the PM the perfect opportunity to set out what ‘sovereign power’ safeguards* his negotiation deal has achieved and Cameron made full use of the occasion. Boris will have to up his game and stick to specifics.
(* whether Cameron was factual correct in his answer is another matter altogether)
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Bruised and battered Tories, meet Jeremy Corbyn. Jeremy is the best friend you will ever have ...
It's precisely because the Conservatives don't fear Jeremy Corbyn that they feel able to behave so badly to each other. The divisions in each main party are encouraging members of the other main party to become more internally confrontational.
But the Tories win the election every time as long as JC is Labour leader. It does hold out the promise of abysmal government for a long time to come, though.
Mr. Observer, the entirely unaccountable ECJ. It's abhorrent.
I am less concerned by their lack of accountability (it is almost impossible to change a senior judge in the UK as well for good reasons) as I am that they are political appointees, that are not necessarily selected for the quality of their judgements, or the intellect shown in their reasoning but for the political acceptability of their views. The ECJ frequently contradicts its own judgements, which doesn't fill one with confidence. Worse of all it is founded on the unshakeable mandate to promote... ever closer union.
This last point is why Cameron's "opt out from ever closer union" is so much bullshit.
*Ponders whether Maslow's Hierarchy of Needs might be apposite at this point*
Precisely; the Tory Leave/Remain argument - which is the only one that counts - involves a lot of shouting but very little disagreement about what actually matters to people in their daily lives. That's why if Leave wins there are going to be many, many disappointed Leave voters.
Remainers have their tails up, after spending many hours bitching about Boris.
Many were the same who moaned about Flashman.
I'm more sanguine given I don't feel threatened. I'm disappointed that Cameron has taken the gloves off so early against his own colleagues. It's done now. We move forward with this in mind.
Why was everyone getting so excited on the last thread about that clip?
It seems like Cameron gave a good answer to an average question by Boris. Clearly Cameron had the advantage of the dispatch box and used it well, but he hardly declared war on Boris.
One point I'd like to make: there will never be a "good" time to Leave. We've been locked into an economic union for over 40 years and, inevitably, Leaving is going to involve some uncertainty and temporary disruption as a new relationship is agreed.
The question you've got to ask yourselves is: is it worth it?
I remember Cameron himself making a similar argument prior to the GE2010 when criticised that 'now is no time for a novice'. He was also criticised that his deficit reduction plans would crash the economy and he lacked the necessary expertise. He quite rightly pointed out that if that was all that mattered you've never elect a new Prime Minister or government team, *ever*.
I have no fear of ending an unsatisfying relationship or employment that leads nowhere.
6 years ago I took a risk in leaving a very comfortable junior technical job in a medium sized engineering firm to join a business consultancy as its operations manager. I had no experience and knew it was a risk, because the division wasn't profitable, but it was an opportunity.
I did well for 9 months, and then was then made redundant. Scary experience. But I got £10k redundancy pay, paid off my debts, and then got a much better consultancy job with one of the Big 4 and doubled my salary. I also met my future wife through it and am now very happy.
None of that would have happened if I'd stayed put out of fear of the Unknown. If you are in a poor relationship going nowhere, you have to have the courage to end it.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Bruised and battered Tories, meet Jeremy Corbyn. Jeremy is the best friend you will ever have ...
It's precisely because the Conservatives don't fear Jeremy Corbyn that they feel able to behave so badly to each other. The divisions in each main party are encouraging members of the other main party to become more internally confrontational.
Labour discipline began to fail during the weak leadership of Hague and IDS, which offered no challenge to Labour. It plants seeds that germinate later on.
The trick Labour has to pull off is to keep JC in place to maximise the space for Tory decent and then swap him for a more effective leader once the Tories have reached the point of no return.
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
Hilariously, we now have two posters - one saying that we have always had to follow the single rule book, another that we absolutely do not have to follow it after the agreement.
Which is it chaps (and chapesses)?
ah sorry. You are right it is not easy to understand. The key bit as far as we are concerned is this:
(Edit: from the final text)
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
so for the SSM, SRM we are exempt. For capital requirements, CRD IV, as the implementation mechanism of the Basel protocols, there is less of an issue.
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
Hilariously, we now have two posters - one saying that we have always had to follow the single rule book, another that we absolutely do not have to follow it after the agreement.
Which is it chaps (and chapesses)?
ah sorry. You are right it is not easy to understand. The key bit as far as we are concerned is this:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
so for the SSM, SRM we are exempt. For capital requirements, CRD IV it is less clear, although as a natural extension of the Basel protocols there is less of an issue.
By setting risk weightings, the unelected risk committee of the Bank for International Settlements is the de facto regulator for every bank in the world.
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
If you will excuse the pantomime moment - oh yes it does. It is explicit that the Single Rulebook applies to all states, eurozone or not. It says that if we do.not like something in the dingle rulebook then we can raise an objection. But it also says the Council does not have to change its decision because of the protest.
"Brexit implies risk. It is not clear how the endorsement of a protean maverick eases that problem of perception. Theresa May, who probably tuts when she spies a clock 30 seconds out of sync with Greenwich Mean Time, could have brought stolid reassurance to the Leave campaign. But even the home secretary would have made no decisive difference. Because no individual, save the prime minister, possibly could. "
And the ECJ only cares about the Treaties, it has even struck down UN Security Council Resolutions as being incompatible with the Treaties.
I would put UN Security Council Resolutions on a level with brunch treaties! The sovereignty case for LEAVE is compelling and, I think, unanswerable The problem is that few people care for sovereignty as an absolute value save perhaps the Juche followers in the unlit bit of Korea
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
Hilariously, we now have two posters - one saying that we have always had to follow the single rule book, another that we absolutely do not have to follow it after the agreement.
Which is it chaps (and chapesses)?
ah sorry. You are right it is not easy to understand. The key bit as far as we are concerned is this:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
so for the SSM, SRM we are exempt. For capital requirements, CRD IV it is less clear, although as a natural extension of the Basel protocols there is less of an issue.
By setting risk weightings, the unelected risk committee of the Bank for International Settlements is the de facto regulator for every bank in the world.
well exactly and I have edited my post to more accurately reflect CRD IV.
now - perhaps people have a problem with the BiS and, given recent history, it is difficult to say it has worked well, but it is a completely different kettle of fish to worrying about the EU and the single rulebook, where the key exemption in the deal is that we don't have to participate in the various single resolution measures.
It's Utah. Wouldn't expect Mormons to be Trump's core demographic. Not with Cruz and Rubio in the race. And there is 9% for Jeb Bush to get divied up too, so he may go further behind.
Utah won't stop him being the Republican candidate. When he'll win the state over Hilllary by about 30%!
Boris asks what powers come back. Cameron says vaguely some welfare, some bailout, some immigration (nonsense) and then goes on to say the deal means we won't cede any more.
I don't think he answered Boris's question, and instead answered a different one. Yes, he did so lucidly, but it wasn't a knock out.
Indeed. Boris asks a perfectly reasonable question and Cameron (clearly tired, emotional and very rattled) waffles about his nothing "reforms".
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
Hilariously, we now have two posters - one saying that we have always had to follow the single rule book, another that we absolutely do not have to follow it after the agreement.
Which is it chaps (and chapesses)?
ah sorry. You are right it is not easy to understand. The key bit as far as we are concerned is this:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
so for the SSM, SRM we are exempt. For capital requirements, CRD IV it is less clear, although as a natural extension of the Basel protocols there is less of an issue.
By setting risk weightings, the unelected risk committee of the Bank for International Settlements is the de facto regulator for every bank in the world.
well exactly and I have edited my post to more accurately reflect CRD IV.
now - perhaps people have a problem with the BiS and, given recent history, it is difficult to say it has worked well, but it is a completely different kettle of fish to worrying about the EU and the single rulebook, where the key exemption in the deal is that we don't have to participate in the various single resolution measures.
The BIS, by setting the risk weighting for mortgages at 25%, even if you only owned the equity stub of a stack of mortgages, did more to cause the GFC than any other institution.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Bruised and battered Tories, meet Jeremy Corbyn. Jeremy is the best friend you will ever have ...
It's precisely because the Conservatives don't fear Jeremy Corbyn that they feel able to behave so badly to each other. The divisions in each main party are encouraging members of the other main party to become more internally confrontational.
A political party needs a credible opponent to hang together.
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
If you will excuse the pantomime moment - oh yes it does. It is explicit that the Single Rulebook applies to all states, eurozone or not. It says that if we do.not like something in the dingle rulebook then we can raise an objection. But it also says the Council does not have to change its decision because of the protest.
We are signed up to CRD IV, which is the implementation method of Basel III - ie capital requirements. We have never had too much of an issue with global standards for bank capital, or have we?
As for the more contentious elements - ie SSM, SRM, then we do have exemption. As do we have exemption from other ECB laws on banking union, in the clause I have pasted now (including this one) three times:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
Hilariously, we now have two posters - one saying that we have always had to follow the single rule book, another that we absolutely do not have to follow it after the agreement.
Which is it chaps (and chapesses)?
ah sorry. You are right it is not easy to understand. The key bit as far as we are concerned is this:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
so for the SSM, SRM we are exempt. For capital requirements, CRD IV it is less clear, although as a natural extension of the Basel protocols there is less of an issue.
By setting risk weightings, the unelected risk committee of the Bank for International Settlements is the de facto regulator for every bank in the world.
well exactly and I have edited my post to more accurately reflect CRD IV.
now - perhaps people have a problem with the BiS and, given recent history, it is difficult to say it has worked well, but it is a completely different kettle of fish to worrying about the EU and the single rulebook, where the key exemption in the deal is that we don't have to participate in the various single resolution measures.
The BIS, by setting the risk weighting for mortgages at 25%, even if you only owned the equity stub of a stack of mortgages, did more to cause the GFC than any other institution.
No huge argument from me there, but we don't get to sidestep Basel III if we leave the EU...
*Ponders whether Maslow's Hierarchy of Needs might be apposite at this point*
Yes, it meant nothing whatsoever in Scotland 18 months ago.
Incidentally, you've missed the far more serious political implications at the start of that blog.
'“Cameron is toast,” one Remain-supporting Tory MP said. “He and the entire project is over. Continuity through George or whoever is over. The next leader will come before the end of the year and it’ll be someone in the next generation.” “Cameron won’t be here long now,” another loyalist said. “This is going to get extremely ugly now,” another Remain MP said.
Tied in with the C4 report that less than half of Tory MPs have turned out for tonights meeting...
<<SouthamObserver said: If Leave wins it will be a Tory government negotiating Brexit. Given that all viable Tory leadership contenders believe in the free movement of goods, services, people and capital, neither a Remain or Leave vote is actually going to make much difference to anything. This is all a lot of shouting about not very much at all.>>
This brings in to play one of my main nagging concerns about voting Leave - the logical place we'll find ourselves in will be either EEA or EEA-lite and needing to basically adhere to most of what the EU states are bound by as a result, but not having any ability to shape future regulations.
Whatever the options are, the worst one by far to me is being in the EEA or some "special status" (ha...) one step removed from "full EEA". That would be a disaster. But that's where I think "Leave" would leave us.
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
Hilariously, we now have two posters - one saying that we have always had to follow the single rule book, another that we absolutely do not have to follow it after the agreement.
Which is it chaps (and chapesses)?
ah sorry. You are right it is not easy to understand. The key bit as far as we are concerned is this:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
so for the SSM, SRM we are exempt. For capital requirements, CRD IV it is less clear, although as a natural extension of the Basel protocols there is less of an issue.
By setting risk weightings, the unelected risk committee of the Bank for International Settlements is the de facto regulator for every bank in the world.
well exactly and I have edited my post to more accurately reflect CRD IV.
now - perhaps people have a problem with the BiS and, given recent history, it is difficult to say it has worked well, but it is a completely different kettle of fish to worrying about the EU and the single rulebook, where the key exemption in the deal is that we don't have to participate in the various single resolution measures.
The BIS, by setting the risk weighting for mortgages at 25%, even if you only owned the equity stub of a stack of mortgages, did more to cause the GFC than any other institution.
No huge argument from me there, but we don't get to sidestep Basel III if we leave the EU...
It's funny, isn't it. We worry a lot about MIFID, CRD IV, etc., and yet the most important regulating entity of financial services in the UK sits in Switzerland and is under no democratic oversight whatsoever.
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
If you will excuse the pantomime moment - oh yes it does. It is explicit that the Single Rulebook applies to all states, eurozone or not. It says that if we do.not like something in the dingle rulebook then we can raise an objection. But it also says the Council does not have to change its decision because of the protest.
We are signed up to CRD IV, which is the implementation method of Basel III - ie capital requirements. We have never had too much of an issue with global standards for bank capital, or have we?
As for the more contentious elements - ie SSM, SRM, then we do have exemption. As do we have exemption from other ECB laws on banking union, in the clause I have pasted now (including this one) three times:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
So, contra Charles, the regulatory environment for the Eurozone and non-Euro countries will continue to be different.
The trick Labour has to pull off is to keep JC in place to maximise the space for Tory decent and then swap him for a more effective leader once the Tories have reached the point of no return.
One thing's for sure. All the witch hazel in the world isn't going to be sufficient balm for the bruises and wounds in the Conservative party when all this has ended.
Bruised and battered Tories, meet Jeremy Corbyn. Jeremy is the best friend you will ever have ...
It's precisely because the Conservatives don't fear Jeremy Corbyn that they feel able to behave so badly to each other. The divisions in each main party are encouraging members of the other main party to become more internally confrontational.
Labour discipline began to fail during the weak leadership of Hague and IDS, which offered no challenge to Labour. It plants seeds that germinate later on.
The trick Labour has to pull off is to keep JC in place to maximise the space for Tory decent and then swap him for a more effective leader once the Tories have reached the point of no return.
Will it happen? Who knows.
'...more effective leader...' Well lets face it that list includes you, but leaving that aside just where do you find this towering intellect?
But this refers to the section on the single market, surely, rather than specifically the single rule book on banking/fin insts.....which is actually a retrograde step reducing our powers to resist.
Why is it a retrograde step?
Because previously we didn't have to follow the single rule book - this agreement states that we do have to.
No it absolutely doesn't.
If you will excuse the pantomime moment - oh yes it does. It is explicit that the Single Rulebook applies to all states, eurozone or not. It says that if we do.not like something in the dingle rulebook then we can raise an objection. But it also says the Council does not have to change its decision because of the protest.
We are signed up to CRD IV, which is the implementation method of Basel III - ie capital requirements. We have never had too much of an issue with global standards for bank capital, or have we?
As for the more contentious elements - ie SSM, SRM, then we do have exemption. As do we have exemption from other ECB laws on banking union, in the clause I have pasted now (including this one) three times:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
So, contra Charles, the regulatory environment for the Eurozone and non-Euro countries will continue to be different.
looks like it.
You'll have to ask Charles for his view but there are plenty on here who foresee a takeover by the EU of the City of London whereby resistance is futile and we are better out than in to get our barricades in order.
I disagree with that view although understand that the EU is an organisation dedicated to ever closer union and ideally would like to centralise everything politically and economically.
*Ponders whether Maslow's Hierarchy of Needs might be apposite at this point*
Yes, it meant nothing whatsoever in Scotland 18 months ago.
Incidentally, you've missed the far more serious political implications at the start of that blog.
'“Cameron is toast,” one Remain-supporting Tory MP said. “He and the entire project is over. Continuity through George or whoever is over. The next leader will come before the end of the year and it’ll be someone in the next generation.” “Cameron won’t be here long now,” another loyalist said. “This is going to get extremely ugly now,” another Remain MP said.
Tied in with the C4 report that less than half of Tory MPs have turned out for tonights meeting...
Depends on the result, if Leave win it will be Boris, if Remain wins Cameron and Osborne will have a mandate and Osborne will do a Brownite stitch-up to ensure he gets the leadership virtually unopposed, probably with Javid as Chancellor
Comments
And if the European Parliament eviscerates the deal it will all have been for nothing. Dave and Boris both holed below the water line, and a worthless (well, more worthless) agreement and the vote already held. Ugh.
A raging Europhile leaving an overwhelmingly eurosceptic Party.
Whether we LEAVE or REMAIN something's got to give- Hopefully Cameron and Osborne's careers.
So call a new one it is, but the country doesn't like being told they got a vote wrong. So there'd need to be grounds for a new vote, it would be interesting to see what they are.
Ironically the best way for the deal not to unravel might be for a sceptic to become PM. If lets say we object under the new procedure and a review begins the sceptic Prime Minister could say that if the review isn't met to our satisfaction then clearly the system we voted for hasn't worked and he'll call a new vote campaigning for Leave ... so to avoid that the EU would likely meet our concerns on that issue to avoid it being an issue.
Charles mentioned that under Cameron's deal, we would no longer be able to sue before the ECJ against ECB power grabs (eg over clearing). If we are all subject to the same rules, wouldn't it make such power grabs more difficult as it would amount to discrimination?
Sorry to repeat myself, just trying to get my head around the regulatory side.
Mr. Gin, one is quite unimpressed with Cameron.
I had to smile when I read one tweet saying his command of the commons was almost that of Tony Blair in his pomp.
It seems like Cameron gave a good answer to an average question by Boris. Clearly Cameron had the advantage of the dispatch box and used it well, but he hardly declared war on Boris.
malcolmg said:
Unfortunately I believe England will chicken out big time and REMAIN. Too many cowardy custards worried they might lose a fiver. The Great has gone from Britain forever , just followers nowadays.
Unlike Scotland
Exactly like Scotland, too many chickens
On the plus side, my comparison of Osborne to Antigonus Monopthalmus may prove accurate.
http://elections.huffingtonpost.com/pollster/polls/dan-jones-associates-utahpolicy-com-23830
I think you are correct, sadly.
This is going to get very ugly indeed.
Previously on clearing - sorry to come back to this - it was discrimination because there were different rules for Euro and non-Euro countries, and the Eurozone came up with a rule saying "all Euro-denominated clearing must be in a Eurozone country". So we sued and won.
Now they can come up with a single rule, applicable to everyone, saying that "All Euro-denominated clearing must be in a Eurozone country". We protest about it, there is a period of time during which the Commission tries to reach a consensus, then there is a vote and the rule is implemented
Gove & Johnson don't argue on econ or immigration, but “sovereignty, which means nothing to anybody” @GaryGibbonBlog http://blogs.channel4.com/gary-gibbon-on-politics/boris-johnson-throws-tory-mps-panic/32474#sthash.FvydARob.dpuf …
*Ponders whether Maslow's Hierarchy of Needs might be apposite at this point*
Betfair will go ballistic.
The remarkable frugality of Donald Trump, in 2 charts https://t.co/HkGNh1wkQQ https://t.co/JDdv8dtHoX
Not exactly as advertised.
Boris asks what powers come back. Cameron says vaguely some welfare, some bailout, some immigration (nonsense) and then goes on to say the deal means we won't cede any more.
I don't think he answered Boris's question, and instead answered a different one. Yes, he did so lucidly, but it wasn't a knock out.
Which is it chaps (and chapesses)?
(* whether Cameron was factual correct in his answer is another matter altogether)
This last point is why Cameron's "opt out from ever closer union" is so much bullshit.
Many were the same who moaned about Flashman.
I'm more sanguine given I don't feel threatened. I'm disappointed that Cameron has taken the gloves off so early against his own colleagues. It's done now. We move forward with this in mind.
One point I'd like to make: there will never be a "good" time to Leave. We've been locked into an economic union for over 40 years and, inevitably, Leaving is going to involve some uncertainty and temporary disruption as a new relationship is agreed.
The question you've got to ask yourselves is: is it worth it?
I remember Cameron himself making a similar argument prior to the GE2010 when criticised that 'now is no time for a novice'. He was also criticised that his deficit reduction plans would crash the economy and he lacked the necessary expertise. He quite rightly pointed out that if that was all that mattered you've never elect a new Prime Minister or government team, *ever*.
I have no fear of ending an unsatisfying relationship or employment that leads nowhere.
6 years ago I took a risk in leaving a very comfortable junior technical job in a medium sized engineering firm to join a business consultancy as its operations manager. I had no experience and knew it was a risk, because the division wasn't profitable, but it was an opportunity.
I did well for 9 months, and then was then made redundant. Scary experience. But I got £10k redundancy pay, paid off my debts, and then got a much better consultancy job with one of the Big 4 and doubled my salary. I also met my future wife through it and am now very happy.
None of that would have happened if I'd stayed put out of fear of the Unknown. If you are in a poor relationship going nowhere, you have to have the courage to end it.
And the ECJ only cares about the Treaties, it has even struck down UN Security Council Resolutions as being incompatible with the Treaties.
The trick Labour has to pull off is to keep JC in place to maximise the space for Tory decent and then swap him for a more effective leader once the Tories have reached the point of no return.
Will it happen? Who knows.
(Edit: from the final text)
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
so for the SSM, SRM we are exempt. For capital requirements, CRD IV, as the implementation mechanism of the Basel protocols, there is less of an issue.
Incidentally, you've missed the far more serious political implications at the start of that blog.
PM assures Tory MPs he will be respectful of Out campaigners' views after a "few" urge him to be kind to Boris at the 1922 meeting
http://www.ft.com/cms/s/0/0eab8ae4-d943-11e5-a72f-1e7744c66818.html?ftcamp=published_links/rss/comment/feed//product#axzz40tht1xkE
"Brexit implies risk. It is not clear how the endorsement of a protean maverick eases that problem of perception. Theresa May, who probably tuts when she spies a clock 30 seconds out of sync with Greenwich Mean Time, could have brought stolid reassurance to the Leave campaign. But even the home secretary would have made no decisive difference. Because no individual, save the prime minister, possibly could. "
Updated: End of play Monday Tory MP #EURef tally:
REMAIN 129
OUT 120
UNDECIDED 45
UNKNOWN 36
The sovereignty case for LEAVE is compelling and, I think, unanswerable
The problem is that few people care for sovereignty as an absolute value save perhaps the Juche followers in the unlit bit of Korea
now - perhaps people have a problem with the BiS and, given recent history, it is difficult to say it has worked well, but it is a completely different kettle of fish to worrying about the EU and the single rulebook, where the key exemption in the deal is that we don't have to participate in the various single resolution measures.
Utah won't stop him being the Republican candidate. When he'll win the state over Hilllary by about 30%!
If it wasn't for the payroll vote, I think Leave would have a Tory majority.
http://www.chroniclelive.co.uk/news/north-east-news/blyth-labour-mp-ronnie-campbell-10770900#ICID=sharebar_twitter
As for the more contentious elements - ie SSM, SRM, then we do have exemption. As do we have exemption from other ECB laws on banking union, in the clause I have pasted now (including this one) three times:
2. Union law on the banking union conferring upon the European Central Bank, the Single Resolution Board or Union bodies exercising similar functions, authority over credit institutions is applicable only to credit institutions located in Member States whose currency is the euro or in Member States that have concluded with the European Central Bank a close cooperation agreement on prudential supervision, in accordance with relevant EU rules and subject to the requirements of group and consolidated supervision and resolution.
Emerson Massachusetts
GOP
Trump 50
Rubio 16
Kasich 13
Cruz 10
Carson 3
Dems
Sanders 46
Clinton 46
http://media.wix.com/ugd/3bebb2_d5ea765bda3b4fa580d9d6e2908ea509.pdf
KPR Vermont
GOP
Trump 33
Kasich 14
Rubio 14
Cruz 13
Dems
Sanders 78
Clinton 13
http://digital.vpr.net/post/vpr-poll-trump-leads-vermonts-gop-field-sanders-has-huge-home-state-support
West Virginia WVM
GOP
Trump 40
Cruz 20
Rubio 15
Carson 10
Kasich 6
Dems
Sanders 57
Clinton 29
http://wvmetronews.com/wordpress/wp-content/uploads/2016/02/MetroNews-WV-Poll-Press-Release-2-22-2016-Presidential-Race-FINAL.pdf
"I have no other agenda than what is best for our country" = "I'm spending that political capital NOW"
GOP
Trump 35
Kasich 17
Cruz 12
Rubio 12
Carson 9
Dems
Clinton 53
Sanders 40
http://americanresearchgroup.com/pres2016/primary/rep/mirep.html
Tied in with the C4 report that less than half of Tory MPs have turned out for tonights meeting...
<<SouthamObserver said:
If Leave wins it will be a Tory government negotiating Brexit. Given that all viable Tory leadership contenders believe in the free movement of goods, services, people and capital, neither a Remain or Leave vote is actually going to make much difference to anything. This is all a lot of shouting about not very much at all.>>
This brings in to play one of my main nagging concerns about voting Leave - the logical place we'll find ourselves in will be either EEA or EEA-lite and needing to basically adhere to most of what the EU states are bound by as a result, but not having any ability to shape future regulations.
Whatever the options are, the worst one by far to me is being in the EEA or some "special status" (ha...) one step removed from "full EEA". That would be a disaster. But that's where I think "Leave" would leave us.
Of course Mormons, and the fact it is a caucus, is why I think Trump's margin of victory will be smaller than it should be in Nevada.
https://www.youtube.com/watch?v=tu4y7x9LRyY
The EU is NOT the single market. GLOBAL bodies make the rules.
#Brexit https://t.co/gWh70g7eey
You'll have to ask Charles for his view but there are plenty on here who foresee a takeover by the EU of the City of London whereby resistance is futile and we are better out than in to get our barricades in order.
I disagree with that view although understand that the EU is an organisation dedicated to ever closer union and ideally would like to centralise everything politically and economically.
Couldn't happen to a nicer fella...
Safe, uber clean and civic.
He ate a burger
Was on a train. And a boat!
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